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Oil Companies in Iraq Willing to Modify KRG Contracts

OIL
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International oil companies operating in Iraq’s Kurdistan region are willing to negotiate contract terms with the Iraqi federal government and regional authorities, according to Bloomberg, citing a statement from industry group Apikur.

  • Producers are prepared to resume exports if payments are guaranteed for past and future sales. They will also have to be paid directly by the buyer and maintain commercial terms.
  • “Should such agreements require modifications to existing contracts, APIKUR member companies are willing to consider this,” the statement said.
  • Any such modifications would require the approval of Iraq’s regional government as well as the regional Kurdish authorities and individual companies.
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International oil companies operating in Iraq’s Kurdistan region are willing to negotiate contract terms with the Iraqi federal government and regional authorities, according to Bloomberg, citing a statement from industry group Apikur.

  • Producers are prepared to resume exports if payments are guaranteed for past and future sales. They will also have to be paid directly by the buyer and maintain commercial terms.
  • “Should such agreements require modifications to existing contracts, APIKUR member companies are willing to consider this,” the statement said.
  • Any such modifications would require the approval of Iraq’s regional government as well as the regional Kurdish authorities and individual companies.